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StarStone Underwriting closes reinsurance-to-close deal with Neon Underwriting

Enstar Group Ltd.'s Lloyd's managing agency, StarStone Underwriting Ltd., has finalized its planned reinsurance-to-close transaction with Neon Underwriting Ltd.

Under the deal, Enstar's Syndicate 2008 assumed the liabilities of the 2015 underwriting year of Neon's Syndicate 2468, which comprised underwriting years ranging from 2008 to 2015.

The closing of the transaction followed receipt of Lloyd's approval and satisfaction of closing conditions. In the transaction, Enstar assumed net reinsurance reserves of £337.8 million, or approximately $456.4 million, relating to the portfolio and gross reserves of £402.2 million, or about $543.4 million.